Jamshedpur (March 14, Financial Express): The XLRI School of Business & Human Resources has signed a memorandum of understanding (MoU) with California-based Santa Clara University (SCU) to promote and foster social entrepreneurship in the country.
The two institutes have decided to collaborate whereby XLRI is to be the Indian partner to manage and support Global Social Benefit Incubator (GSBI), the signature programme of the Center for Science, Technology & Society (CSTS) of Santa Clara University.
GSBI (Global Social Benefit Incubator) is a globally-known incubation programme, which was started by the Santa Clara University in 2003.
Each year GSBI screens and selects around 15-20 social ventures from across the globe and incubates them by providing technical inputs, mentoring support and some grant to make them investor-ready.
Speaking to FE here on Sunday, XLRI Madhukar Shukla, who will be coordinating the partnership said though talks regarding collaboration with Santa Clara University had commenced around August 2009, formalities like signing of the MoU between the two institutions got completed on March 11.
Since its inception in 2003 there have been about 30 GSBI alumni social ventures in India, which include some of the globally well-known organisations such as Gram Vikas, Jaipur Rugs, Drishtee, Mother Earth, Husk Power Systems, Video Volunteers, Naandi Foundation, etc.
As GSBI’s Indian partner, XLRI Jamshedpur would identify and recommend Indian social entrepreneurs to GSBI for incubation and access to seasoned Silicon Valley mentors. In addition, XLRI would also partner with SCU to conduct due-diligence on the Indian applicant to ensure appropriate potential and quality.
As the Indian partner, faculty from XLRI would also provide such post-incubation mentoring support to the Indian social ventures.
“GSBI is a one-year incubation programme which comes with a grant of $25,000; on getting selected each incubatee goes through a month-long rigourous mentoring done at Santa Clara which takes their social entrepreneurship project to the point of being readily acceptable to the investor who is looking forward to investing in such projects,” said Shukla, adding that Santa Clara’s mentoring makes good the gaps in the project plan being presented by the incubatee, while also correcting assumptions in the business plan if they were not matching with reality, besides offering him/her tips for pitching the right things before investors.